The court heard the administrators need to sort through 11,000 boxes of company records, investigate claims of insolvent trading and probe political donations made to the Palmer United Party before deciding the best way forward.

They also need to examine claims by creditors, including employees, against the company, which total about $428 million.

Clive Palmer was in Canberra at the weekend, celebrating Family Day at The Lodge. Photo: Alex Ellinghausen

This includes proofs of debt totalling $235 million from Mr Palmer's Waratah Coal and China First, which the mining magnate says are collateral assets to allow Queensland Nickel to obtain finance to pay creditors and fund operating costs.

But Mr Palmer has also advised the company, in exchange, must agree to release all loans owed by entities he owns and subscribe for two billion shares in China First.

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Court affidavits show 800 proofs of debts have been submitted, although the company's records indicate that's likely to swell to 1400.

Queensland Nickel owes employee entitlements of $30 million, including $16 million to former workers.